the great jc
Well-known member
gs ...
Res 12 ....unabridged. The Second part.( Second page)
3 June 2011. Craig Whyte issues a circular on behalf of “The Rangers Football Club Group Limited” (formerly called Wavetower Limited) to RFC shareholders, providing them with information on the takeover and future commitments. One of those commitments is specified as
“The Rangers FC Group is to contribute to the Club the amount required to meet a liability owed by the Club to HM Revenue & Customs in relation to a discounted option scheme tax;”
Source: Circular issued by Craig Whyte, dated 3 June 2011, in Part III (e) of Circular To Shareholders
6 June 2011. MCR writes to HMRC, providing them with some background financial information and cashflow forecasts. A proposal to make an interim payment of £200,000, on account, in respect of the tax liability is included, along with an intention of making a formal proposal regarding payment of the balance by 17 June 2011.
Source: Letter from MCR to HMRC dated 6 June 2011 at paras 4.5 to 4.7
14 June 2011. Ken Olverman, Financial Controller at RFC, emails Craig Whyte confirming “I now have access to the UEFA Licensing Template which is a self certification process that we have no overdue Football Payables at the end of June.” It’s notable that he mentions “football payables” but not “social tax payables”, but also that the submission is a self certification process.
Source: Email from Olverman to Whyte dated 14 June 2011
NB: The above demonstrates that “good faith” is required on the part of the licensee, that their submission is accurate and truthful. See entry at 30 June 2011 below.
15 June 2011. Ken Olverman, Financial Controller at RFC presents the latest Management Accounts to the RFC Board. There are several references to the DOS liability, including the meeting with MCR and HMRC on 11 May, an indication that the £2.8m liability would not be paid before the financial year end (30 June), that any payment on account might reduce the penalty loading applied by HMRC, and that MCR’s desire was to wrap the DOS Liability in with any liability arising from the Remuneration Trust tribunal (big tax case).
Source: RFC Management Accounts dated 15 June 2011 , Executive Summary at p2 and Other Matters (Tax) at p10 .
20 June 2011. HMRC referred the case and assessments issued on 20 May 2011 to their “Collector of Taxes” team, in the absence of any appeal or payment, following the expiry of the permitted 30 day period.
Source: Witness statement by an HM Inspector of Taxes, to an action at the High Court of Justice in London, dated 21 March 2012, at para 34 of Ref4b
Res 12 ....unabridged. The Second part.( Second page)
3 June 2011. Craig Whyte issues a circular on behalf of “The Rangers Football Club Group Limited” (formerly called Wavetower Limited) to RFC shareholders, providing them with information on the takeover and future commitments. One of those commitments is specified as
“The Rangers FC Group is to contribute to the Club the amount required to meet a liability owed by the Club to HM Revenue & Customs in relation to a discounted option scheme tax;”
Source: Circular issued by Craig Whyte, dated 3 June 2011, in Part III (e) of Circular To Shareholders
6 June 2011. MCR writes to HMRC, providing them with some background financial information and cashflow forecasts. A proposal to make an interim payment of £200,000, on account, in respect of the tax liability is included, along with an intention of making a formal proposal regarding payment of the balance by 17 June 2011.
Source: Letter from MCR to HMRC dated 6 June 2011 at paras 4.5 to 4.7
14 June 2011. Ken Olverman, Financial Controller at RFC, emails Craig Whyte confirming “I now have access to the UEFA Licensing Template which is a self certification process that we have no overdue Football Payables at the end of June.” It’s notable that he mentions “football payables” but not “social tax payables”, but also that the submission is a self certification process.
Source: Email from Olverman to Whyte dated 14 June 2011
NB: The above demonstrates that “good faith” is required on the part of the licensee, that their submission is accurate and truthful. See entry at 30 June 2011 below.
15 June 2011. Ken Olverman, Financial Controller at RFC presents the latest Management Accounts to the RFC Board. There are several references to the DOS liability, including the meeting with MCR and HMRC on 11 May, an indication that the £2.8m liability would not be paid before the financial year end (30 June), that any payment on account might reduce the penalty loading applied by HMRC, and that MCR’s desire was to wrap the DOS Liability in with any liability arising from the Remuneration Trust tribunal (big tax case).
Source: RFC Management Accounts dated 15 June 2011 , Executive Summary at p2 and Other Matters (Tax) at p10 .
20 June 2011. HMRC referred the case and assessments issued on 20 May 2011 to their “Collector of Taxes” team, in the absence of any appeal or payment, following the expiry of the permitted 30 day period.
Source: Witness statement by an HM Inspector of Taxes, to an action at the High Court of Justice in London, dated 21 March 2012, at para 34 of Ref4b